Prudential plc (NYSE:PUK) Raises Dividend to $0.26 Per Share

Prudential plc (NYSE:PUK – Get Rating) declared a Semi-Annual dividend on Wednesday, March 15th, investing.com reports. Investors of record on Friday, March 24th will be paid a dividend of 0.2608 per share by the financial services provider on Monday, May 15th. This represents a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, March 23rd. This is a boost from Prudential’s previous Semi-Annual dividend of $0.24.

Prudential has a payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Prudential to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 18.7%.

Prudential Trading Down 2.5 %

Shares of PUK opened at $24.97 on Friday. Prudential has a 12-month low of $18.20 and a 12-month high of $34.37. The business’s fifty day moving average is $31.07 and its 200 day moving average is $25.62.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. StockNews.com assumed coverage on Prudential in a report on Thursday. They issued a “sell” rating on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Prudential from GBX 1,400 ($17.06) to GBX 1,450 ($17.67) in a research note on Tuesday, January 10th. JPMorgan Chase & Co. raised their price objective on Prudential from GBX 1,500 ($18.28) to GBX 1,750 ($21.33) in a research note on Wednesday, January 18th. BNP Paribas cut Prudential from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 5th. Finally, Barclays dropped their price objective on Prudential from GBX 1,750 ($21.33) to GBX 1,700 ($20.72) in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prudential currently has a consensus rating of “Moderate Buy” and an average target price of $1,530.83.

Institutional Investors Weigh In On Prudential

Large investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in Prudential by 77.2% in the 3rd quarter. BlackRock Inc. now owns 3,692,569 shares of the financial services provider’s stock worth $73,556,000 after acquiring an additional 1,608,893 shares during the last quarter. Morgan Stanley increased its holdings in Prudential by 7.7% in the 4th quarter. Morgan Stanley now owns 2,242,746 shares of the financial services provider’s stock worth $61,631,000 after acquiring an additional 160,270 shares during the last quarter. Royal Bank of Canada increased its holdings in Prudential by 7.5% in the 1st quarter. Royal Bank of Canada now owns 2,037,966 shares of the financial services provider’s stock worth $60,282,000 after acquiring an additional 142,020 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Prudential by 23.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,301,081 shares of the financial services provider’s stock worth $32,670,000 after acquiring an additional 248,093 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Prudential by 5.3% in the 2nd quarter. Northern Trust Corp now owns 1,256,067 shares of the financial services provider’s stock worth $31,541,000 after acquiring an additional 63,771 shares during the last quarter. 1.93% of the stock is owned by hedge funds and other institutional investors.

About Prudential

(Get Rating)

Prudential Plc is a holding company, which engages in the provision of insurance and financial services. It operates through the Asia and U.S. geographical segments. The Asia segment consists of health and protection, other life insurance, mutual funds, selected personal lines property and casualty insurance, group insurance, and institutional fund management.